The Immuno-Oncology Assays Market consists of various diagnostic tests used to detect levels of biomarkers in cancer patients. These biomarkers help healthcare professionals and researchers gain a better understanding of how a patient's immune system responds to cancer treatment. Immuno-Oncology Assays analyze factors like immune cell populations, clinically actionable mutations, and tumor mutational burden. The growing adoption of targeted cancer therapies has created a strong demand for such assays to guide treatment decisions and evaluate therapeutic response.
The Global Immuno-Oncology Assays Market is estimated to be valued at US$ 5249.47 Mn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Immuno-Oncology Assays are Medtronic plc, EndoGastric Solutions, Inc., Johnson & Johnson, and Torax Medical, Inc. The rising prevalence of cancer and the growing demand for early detection and screening are major factors propelling the growth of the immuno-oncology assays market. In addition, technological advancements enabling high-throughput screening, real-time monitoring, and home-based sample collection are expected to boost market revenues.
The growth in the adoption of targeted therapies and personalized medicine to treat cancer is another key factor fueling the demand for immuno-oncology assays. Biomarkers help track therapy responses and guide treatment modifications based on an individual patient’s genomic profile and immune response. Manufacturers are also developing kits, panels and services for comprehensive biomarker testing from a single sample to detect various types of cancer simultaneously.
Technological advancements are allowing Global Immuno-Oncology Assays Market to play an increasingly important role in cancer management. Researchers are investigating techniques like liquid biopsies using blood samples to gain a non-invasive view of the tumor and track disease progression or treatment response in real-time. Advances in integrated digital platforms will also support automated, high-throughput screening of multiple biomarkers from complex sample types.
Market Trends
Point-of-care testing is gaining popularity for immuno-oncology assays to provide faster results and access to timely treatment decisions. Many companies are developing portable and easy-to-use diagnostics for use in doctors' offices and emergency rooms. Another key trend is the rise of companion diagnostics developed specifically for a certain drug to identify the patients that will likely respond favorably. This allows for more precise and personalized treatment selection.
Market Opportunities
One of the key opportunities for market players is increasing demand from emerging markets due to rising healthcare expenditure and growing cancer burden in developing nations. Another major opportunity lies in new product development, especially kits and panels covering novel immuno-oncology targets and liquid biopsy-based screening to further expand clinical applications and market reach. Co-development of companion diagnostics with pharmaceutical firms can also boost revenues over the forecast period.
Impact of COVID-19 on Immuno-Oncology Assays Market Growth
The COVID-19 pandemic has significantly impacted the growth of the immuno-oncology assays market. During the initial phases of the pandemic, the market experienced a decline owing to lockdowns and restrictions imposed to curb the spread of the virus. Many non-critical medical procedures and treatments were delayed or postponed that impacted the demand. However, post-COVID the market is expected to gain momentum again as the medical resources are now more focused towards handling both COVID and non-COVID cases. The awareness about immune-based cancer treatment options has also increased post-pandemic.
Research and development activities in the field of immuno-oncology were slowed down temporarily due to disruptions in clinical trials, supply chain issues and delays in regulatory approvals. Most biopharma companies shifted their primary focus towards developing COVID vaccines and therapeutics. However, as the pandemic situation stabilizes, companies are resuming their ongoing immuno-oncology projects with renewed vigor. The demand for precision diagnostic tools for selection of appropriate immune therapy has increased in the post-COVID era. More investments are being made for biomarker discovery, companion diagnostics development and combination therapies evaluation to improve treatment outcomes for cancer patients.
Europe accounts for the largest share of the immuno-oncology assays market in terms of value.
The North American region has been the fastest growing market for immuno-oncology assays. Factors such as rising prevalence of cancer, growing geriatric population susceptible to developing malignancies, availability of advanced healthcare infrastructure, robust research funding for immuno-oncology research and swift FDA approvals are driving the market growth in this region. The implementation of favorable government policies supporting the development of precision diagnostic tests is also boosting the adoption of immuno-oncology assays in the United States and Canada.
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